Tigere Reit Profit Surges 87% to US$990k

Rutendo Mazhindu - ZimNow Reporter

Tigere Real Estate Investment Trust recorded a 87 percent surge in profit to US$990 155 for the half year ended June 30, 2025, up from US$528 862 in the same period last year.

The fund’s net property income rose to US$1,2 million from US$769 885, following sustained performance from key assets, particularly Highland Park Phase 2, which continues to anchor the portfolio’s growth.

The fund’s asset manager Mr Brett Abrahamse attributed the positive performance to strategic investments and disciplined financial management.

“Our portfolio continues to benefit from scale and high-quality acquisitions. Highland Park Phase 2 remains a strong income generator, supported by growing customer traffic and a diversified tenant base,” he said.

Tigere REIT declared an interim dividend of US$511 257, translating to 0.04775 US cents per unit, a 44,8 percent increase from the same period last year. Earnings per unit rose to 0.0925 US cents from 0.0735 US cents, despite a 48,8 percent increase in the number of units issued.

The trust also recorded a notable improvement in collection rates, rising to 87,3 percent from 81,2 percent last year, supported by tighter rental enforcement measures and an influx of US dollar-paying tenants, including regional and international brands.

Operating expenses were significantly reduced, with the expenses to income ratio improving to 19 percent from 31,6 percent in the prior period, reflecting improved cost control.

Funds From Operations per unit increased by 12,2 percent to 0.0827 US cents, while the Net Asset Value per unit remained stable at 3.181 US cents, slightly up from 3.179 US cents as at December 31, 2024.

Mr Abrahamse said the REIT is set to complete the acquisition of two additional commercial properties in the third quarter, which are expected to enhance income generating capacity.

“The fund remains focused on value accretive growth. These upcoming acquisitions are in line with our strategy to grow and diversify the income base,” he said.